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Mortgage rates are retreating once again, with the 30-year fixed-rate falling to 2.77% for the week ending Aug. 5, 2021. This is down from the previous week's average of 2.80% according to Freddie Mac's Primary Mortgage Market Survey. The 30-year fixed-rate mortgage is also down year-over-year as it averaged 2.88% for the same period in 2020.
“With global market uncertainty surrounding the Delta variant of COVID-19, we saw 10-year Treasury yields drift lower and consequently mortgage rates followed suit,” said Sam Khater, chief economist at Freddie Mac. “The 30-year fixed-rate mortgage dipped back to where it stood at the beginning of 2021, and the 15-year fixed remained at its historic low. This bodes well for those still looking to refinance, renovate or even purchase a new home.”
Meanwhile, the 15-year fixed-rate mortgage averaged 2.10%, unchanged from its previous week's average and down significantly from its previous average of 2.44% in 2020. Additionally, the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.40%, down from last week's average of 2.45% and down significantly from the previous year's average of 2.90%.